MUMBAI, 5th January 2016: Across Mumbai and the Mumbai Metropolitan Region (MMR), consolidation and relocation are the buzz words when it comes to commercial real estate. Companies which had more than one office, housed in different locations, are now looking at consolidating the same into one campus. Since existing work spaces do not offer availability of large spaces to house such consolidated spaces, the only solution is to relocate. “In this quest for the ideal location to consolidate and relocate, Thane seems to have become the present-day favored choice for such transactions, with Ghodbunder Road (GB Road) leading the ‘preferred list’,” said Niranjan Hiranandani, MD, Hiranandani Group and Founder and President (West), National Real Estate Development Council (NAREDCO).
This movement in commercial real estate also is in sync with the positive sentiments in Indian commercial real estate, reflected by similar trends across India: with increase in demand for commercial real estate pointing to signs of visible recovery over the past few months, said Niranjan Hiranandani.
The latest Sentiment Index from Knight Frank India, for July to September 2015, shows the supply side stakeholders as being ‘reasonably optimistic’ about the office spaces market, there is an expectation that leasing volumes will improve at the back of limited supply.
What makes Thane important in present-day for corporate relocation? The location is important to Mumbai and the Mumbai Metropolitan Region (MMR). It is an ideal place for residential real estate and an ideal location for office spaces. “This aspect dove-tails perfectly with the mixed-use, integrated townships by Hiranandani Group, be it Hiranandani Gardens in Powai or Hiranandani Meadows and Hiranandani Estate in Thane, which have proved to be trend-setters. These integrated townships include a Hiranandani Business Park (HBP), which represents the work-space, be it for BFSI or IT & ITeS sectors,” added Niranjan Hiranandani.
Thane has emerged as one of key office markets in Mumbai with various companies setting up or moving their operations there. Various infrastructure developments over the last few years have been responsible for the growth of Thane as a prominent business hub, and within Thane, Ghodbunder Road is by far, the mixed-use realty hot-spot in a win-win situation, being the linkage that offers excellent connectivity, linking Mumbai’s central and western express highways. Ghodbunder Road also links Thane to commercial cities like Pune, Nashik, Vapi, and Surat and beyond. In terms of suburban travel, for work-force of companies which relocate to Thane, suburban train connectivity to Mumbai CST, Navi Mumbai, Kalyan-Karjat-Kasara is a given. Ghodbunder Road’s western end connects through Mira Road and Bhayandar stations to the Western Railway’s suburban network. Also, the proposed underground tunnel from Borivali on western side connecting directly to Ghodbunder road will simply reduce the travel time and give ease of access & connectivity. MMRDA proposed Mumbai Metro line 4 (Wadala- Ghatkopar- Kasarwadavli, Thane) will reduce huge traffic congestion and sustainably reduce the travel time.“Effectively, the workforce of any corporate, residing in the MMR, will have smooth and easy access to Thane,” explained Niranjan Hiranandani. “Hiranandani Business Park, Thane is also located on Ghodbunder Road, and it enjoys all the advantages,” he added.
Hiranandani Estate, Thane follows the ‘mixed use, integrated development model’ which has been a success and continues to witness development including residential and commercial realty with social infrastructure. It offers work spaces as also residential real estate, with reliable power supply and high speed internet connectivityand Hiranandani Business Park, offers all major lifestyle amenities and facilities, including academics, healthcare, retail and entertainment facilities.
“As the current-day ideal location to consolidate and relocate, Thane seems to have become the preferred choice. The future growth potential seems to point to Panvel,” said Niranjan Hiranandani.
Panvel has the advantage of being located between two IT and ITeS hubs, Mumbai and Pune, which makes it the future ‘corporate relocation and consolidation’ location in the MMR. “Panvel is the ‘next big happening location’ in MMR real estate. It is positioned ‘just right’, when one looks at not just commercial as also a residential real estate destination,” said Niranjan Hiranandani. The potential of planned connectivity linkages, which include the Sewree Nhava Tran -harbour link; the railway passenger terminus at Panvel station; starting of passenger traffic on the Karjat – Panvel section of the Central Railway as also the Navi Mumbai international airport, these make Panvel ‘future perfect’,” he added.
Hiranandani Fortune City, Panvel is a mixed–use integrated township development, which includes a Hiranandani Business Park, being done under the brand ‘Hiranandani Communities’, said Niranjan Hiranandani. “We have planned the Hiranandani Business Park @ Hiranandani Fortune City, Panvel as the future for corporate relocation and consolidation across the MMR,” he said. What makes this ambitious dream project ideal for corporate consolidation and relocation are the location and the project specifications, which are a class apart.
Hiranandani Business Park @ Hiranandani Fortune City, Panvel has the advantage of being located mid-way between two important IT hubs of the nation. Its energy efficient buildings will conform to LEED Green Building design principles, which deliver to end-users the Hiranandani Communities’ commitment to high quality standards and cutting edge advantages, Niranjan Hiranandani added.
“The work space options will be best suited to the new age Indian, one who has a global perspective and aspires to work and live a truly global life in a real estate location with fantastic growth potential. Gardens play areas, entertainment clusters which will include exclusive cafés, convenience stores and health centres within the project will offer a stress-busting environment for those who will work and reside in Hiranandani Fortune City, Panvel – truly, the location of the future,” he concluded.
Niranjan Hiranandani is Founder & MD, Hiranandani Group. His recent initiative is Hiranandani Communities. He is the Founder and First President (West), National Real Estate Development Council (NAREDCO), which works under the aegis of Ministry of Housing & Urban Poverty Alleviation, Government of India.